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VA Loans

In 1944, the Servicemen’s Readjustment Act was created to offer various benefits to veterans and their surviving spouses. One of those benefits was the VA home loan program. The VA loan program makes it possible for veterans and military to purchase homes with 100% financing, no mortgage insurance, and limited closing costs. Andrew O’Fee – The Yankee Closer offers great rates on VA loans throughout Memphis and the surrounding Tennessee areas.

In order to apply for a VA loan, you must meet certain eligibility requirements. Fortunately, most veterans, military, and spouses of deceased military members will be eligible to apply for a VA loan. Veterans can apply at any time if service requirements are met. Active duty servicemembers will need to complete a minimum of 6 months of service before they reach eligibility. National Guard and reservists will need to wait 6 years, however if they are called to active duty at any point, they will become eligible after 181 days of service.

Tennessee VA Loan Benefits:

100% financing (appraised value cannot exceed sale price)

VA funding fees can be financed with the loan (up to 3.3%)

No private mortgage insurance (PMI)

No pre-payment penalty

VA regulation limits closing costs

Up to $453,100 loan amount (certain counties may be higher)

Unlike most government-backed loans, VA loans do not have a minimum credit score requirement. Although there is no formal credit score requirement, lenders often want to see a score of at least 620. No credit score requirement means we are able to be flexible with each borrower based on their individual circumstances. You should be prepared to provide W-2 statements, recent paystubs, checking account and savings account information, and other documentation to help support your requested loan amount.

A Certificate of Eligibility (COE) must be acquired before applying for a VA loan. The COE is used to prove to a lender that you have met the minimum service requirements. It is important to note that it does not guarantee you will be approved for a loan. One of the easiest ways to get your COE is through the VA’s eBenefits Portal. We are also able to help you with the process when you are ready to apply.

For current VA loan holders, various refinancing options are available as well. The Interest Rate Reduction Refinance Loan (IRRRL) is available to veterans looking to take advantage of lower interest rates. This is commonly referred to as the VA’s streamline refinance loan. VA cash-out refinance loans can be a valuable option for homeowners who need extra cash for home improvements, high-interest debt consolidation, and other various expenses.

Andrew O’Fee – The Yankee Closer is here to help the many veterans throughout Memphis with all their VA loan needs. For more information or for any questions you may have on Tennessee VA loans, contact us today.